A restaurant is the sum of: its people, the place where it is located, the product it sells and its positioning strategy. Building a successful chain depends on managing these elements in a responsible and aligned way. The F,B&E (Food, Beverage and Entertainment) Industry is no exception: profitability is the measure of success.
The previous paragraph is based on a basic principle that every restaurateur knows, however, believe it or not, many disregards it. What is the consequence? The huge number of restaurants that go bust every year.
This is precisely the inspiration behind Mero Mole, the reason for its existence, to provide restaurateurs with a solution to handle basic concepts properly, taking advice from a single source that understands the industry and analyzes the business on every level.
That’s why we came up with one of our signature products, Restaurant 2.0, which specializes in giving a facelift to existing restaurants that need to perform better. At Mero Mole, we are strategists, we are a one-stop shop for the restaurateur that wants to set up a new business or for chains that wish to renew or expand their brand.
This time we share an article by James Greco, published by Nation’s Restaurant News, that precisely talks about the turnaround which most restaurant owners yearn for. Where’s the secret?
Who will get away with it? That is the question every restaurant owner makes and which seems to be philosophical when in fact, it’s a matter of specific capabilities that set the path for any business in the F,B&E Industry.
In this article, James Greco, a successful businessman, and entrepreneur from the US, leader in the Food and Beverage Industry, outlines some of the steps to achieve a healthy turnaround.
He focuses on a basic concept that, for some reason, restaurateurs tend to leave ‘till the end: asking for help. The cost of waiting is very high and Greco considers this to be the single most damaging mistake that any restaurant owner can make. As the strategist Gary Hamel once put it, a turnaround “is transformation tragically delayed”.
Greco goes even deeper in his analysis, emphasizing the type of help one must turn to. Many restaurant chains, for example, settle for making a re-branding effort and then hiring a design firm that has no experience in the Food and Beverage field. It then designs a concept that is far from taking into account key factors of the industry or that particular chain.
Listen up restaurant enthusiasts: turnarounds are no easy task, they are difficult and require specialized counsel. It’s necessary to understand the particular situation of the restaurant from its core, which requires professional examination, interviewing each and every member of the management team, visiting the restaurants, studying their operation on a daily basis, understanding the service and the clients.
In order to set the course straight when heading towards a storm, a lot of perseverance is needed, together with qualified and specialized assistance.
To find out more, read the full article here.